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Central Register of Beneficial Owners – Deadline Extension

Central Register of Beneficial Owners – Deadline Extensions

On June 28, Decree no. 200/2019 was published, extending the deadlines for the initial declaration of the entities subject to the Central Register of Beneficial Owner (“CRBO”), for the consultation of the CRBO and for the annual confirmation of information.

Given its complexity and application to more than one million entities and to an undetermined number of entities subject to mandatory consultation, the foreseen implementation deadlines, even after extra time has been granted, proved to be insufficient.

Therefore, the initial declaration of the entities subject to the CRBO incorporated until 28 June 2019 must be carried out:

(i) Until 31 October 2019, for entities subject to commercial registration;

(ii) Until 30 November 2019, for other entities subject to CRBO.

On the other hand, reporting entities under Law no. 83/2017, of August 18, shall proceed with mandatory consultations after 31 January 2020, unless the access code to CRBO has been made available at an earlier time.

Finally, the annual confirmation of information about the beneficial owner is dismissed in 2020, without prejudice of eventual updates of the information.